ONGC wins Rs 1,000 crore award in cost disputes with 3 global majors

ONGC wins Rs 1,000 crore award in cost disputes with 3 global majors

State-run ONGC has been awarded a total of Rs 1,000 crore in a series of three international arbitration awards. The awards are the outcome of cost-sharing disputes with three global companies, namely Petrobras of Brazil, ENI of Italy, and Rocksource (now called Pure E&P) of Norway. These disputes arose more than a decade after the global players exited offshore exploration blocks in India’s Mahanadi, Krishna-Godavari, and Cauvery basins. The arbitration proceedings, initiated between 2014 and 2016, resulted in unanimous awards in favor of ONGC.

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